PBMF (6th) Semester Exam Review

What is the rivalry between businesses called?

Dividing GDP by total country population results in that country's

The money for capital spending and projects come from:

Who makes all of the decisions in a command economy?

People producing goods and services are called

The point at which supply and demand are equal

All of the following are important principles of the US economy EXCEPT

Joint venture is an agreement among countries to remove trade barriers on products traded among them

Who owns the resources in a market economy

In what type of economy does the government control all economic resources and decides how they're used

What is the first step in the decision making process

Retail sales...

Goods and services are also purchased by business

A lack of competition will result in lower prices for goods and services

How many countries does the US conduct trade with?

If you purchase a government bond, that makes you a (n)

Buildings, equipment, and supplies are examples of ______?

____ refers to the production output in relation to unit of input (Ex: a worker)

What is another name for the economic system of the US

Which of the following is NOT a want?

Which of the following countries has an absolute advantage in coffee production?

In the graph, the equilibrium price is approximately

All economic resources have a limited supply

Inflation...

The __ curve for a product illustrates the relationship between the price of a product and the quantity produced

Which item would be counted when measuring GDP

A nation with a trade surplus has a favorable trade positions

The salaries and wages as well as investment income and government payments to individuals is referred to as

If a nation imports more than it exports it has a . . .

Which of the following occurs at the peak of a business cycle

A 14 year old would be considered part of the labor force in the US

Which of the following is not included in GDP

If the GDP growth slows for at least ____ quarter(s) of a calendar year the economy is in a recession

A nation's plan for answering the three economic questions is called its

Things that are required in order to live are known as?

A trade ___ is a restriction to free trade

What is the most likely effect of wages going up faster than prices?

Personal economic freedom is most limited in what economic system

GDP measures a country's economic output during

Businesses offering very similar products to the same customers

Some countries limit the amount of money citizens can take out of the country when they travel

It is difficult to define economies in terms of borders

What is an example of a cultural influence?

The difference between the amount of money that comes into a country and goes out

All nations have the same economic needs

The accepted behaviors, customs, and values of a society

What is true about every nation?

Business cycles are the recurring ups and downs of GDP

____ are individuals and organizations that determine what products will be available for sale

Which of the following countries has an absolute advantage in coffee production?

Goods and services sold to other countries.

All countries use the same banking system?

In the US, anyone over the age of 21 who does not have a job is considered unemployed

During periods of deflation, prices drop so demand increases

The principle of ___ means you can own whatever you want and decide how you want to use it